Discounted Cash Flow (DCF) Analysis Unlevered

Koninklijke DSM N.V. (DSM.AS)

120.3 €

-1.50 (-1.23%)
All numbers are in Millions, Currency in USD
Stock DCF: 225.23 | 120.3 | undervalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 8,6329,2679,0108,1069,2049,390.279,580.329,774.209,972.0210,173.83
Revenue (%)
EBITDA 2,5191,8951,6531,4502,6352,150.262,193.782,238.182,283.472,329.69
EBITDA (%)
EBIT 2,0171,3861,0217101,9541,495.751,526.021,556.901,588.411,620.56
EBIT (%)
Depreciation 502509632740681654.51667.76681.27695.06709.13
Depreciation (%)

Balance Sheet Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 1,8532,5581,4889142,0501,861.781,899.461,937.901,977.122,017.13
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 1,8481,9932,0191,8792,2972,130.852,173.972,217.972,262.862,308.66
Inventories (%)
Accounts Payable 1,4521,4301,3451,2181,5711,488.821,518.951,549.691,581.061,613.05
Accounts Payable (%)
Capital Expenditure -555-693-641-626-577-657.58-670.88-684.46-698.31-712.45
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 120.3
Beta 0.801
Diluted Shares Outstanding 172.43
Cost of Debt
Tax Rate -83.17
After-tax Cost of Debt 3.56%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.605
Total Debt 3,093
Total Equity 20,743.57
Total Capital 23,836.57
Debt Weighting 12.98
Equity Weighting 87.02
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 8,6329,2679,0108,1069,2049,390.279,580.329,774.209,972.0210,173.83
EBITDA 2,5191,8951,6531,4502,6352,150.262,193.782,238.182,283.472,329.69
EBIT 2,0171,3861,0217101,9541,495.751,526.021,556.901,588.411,620.56
Tax Rate -138.41%5.86%12.06%14.96%-83.17%-37.74%-37.74%-37.74%-37.74%-37.74%
EBIAT 4,808.721,304.83897.82603.803,579.132,060.242,101.942,144.482,187.882,232.16
Depreciation 502509632740681654.51667.76681.27695.06709.13
Accounts Receivable ----------
Inventories --145-26140-418166.15-43.12-44-44.89-45.80
Accounts Payable --22-85-127353-82.1830.1330.7431.3632
Capital Expenditure -555-693-641-626-577-657.58-670.88-684.46-698.31-712.45
UFCF 4,755.72953.83777.82730.803,618.132,141.152,085.822,128.032,171.102,215.04
WACC
PV UFCF 1,999.581,819.111,733.221,651.381,573.40
SUM PV UFCF 8,776.70

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.08
Free cash flow (t + 1) 2,259.34
Terminal Value 44,475.22
Present Value of Terminal Value 31,591.94

Intrinsic Value

Enterprise Value 40,368.63
Net Debt 1,532
Equity Value 38,836.63
Shares Outstanding 172.43
Equity Value Per Share 225.23